Credit Specialist

Description

The credit specialist is responsible for collecting past-due accounts through mailings, telephone calls, the Internet, and in cooperation with legal counsel when necessary. All accounts must be continually monitored for creditworthiness. This job involves regular contact with other departments and ongoing contact with customers and customer credit references. This person is responsible for preparing credit memos and miscellaneous invoices, authorizing the return of merchandise, and identifying and posting incoming cash on a daily basis.  

Requirements

Responsibilities

• Monitor existing customer accounts for continued creditworthiness based on analysis of past performance and current information. If credit issues are discovered, make the necessary decision to put the customer on “hold shipments” status and maintain customer comments report regarding previous credit issues. Close contact with customers on hold is necessary to resolve issues as soon as possible so shipments can continue. 
• Responsible for posting all incoming cash transactions. This includes identifying and posting incoming wires, deposits, credit card payments, and checks on a daily basis, making necessary adjustments (e.g., write-offs, refunds/overages, etc.), and keeping accounts in clean and accurate order.  
• Review all incoming cash after it has been posted to accounts for accuracy, and release orders that were on hold awaiting payment. 
• Responsible for the collection of past due accounts through mailings, phone calls, faxes, internet, and collection agencies or legal counsel when necessary. This involves keeping monthly record of accounts receivable aging, tracking payments received and outstanding accounts. 
• Report daily/weekly/monthly to the Credit Manager on the condition of the aged accounts receivable, projecting estimated collections for the month, and alerting to potential bad debts. 
• Responsible for the collection of payments returned for insufficient funds. Must contact customer immediately and resolve in a timely manner.  
• Handles customer questions, complaints, and problems once an order has been invoiced. Must complete all necessary follow-ups in a timely manner so the payment process will not be delayed. This does require follow-up with the customer on a regular basis.
• Handle shortages, tax write offs, and adjustments. This task requires contacting the customer and obtaining proper paper work for exemption status. Also determining when to adjust off short payments or contacting the customer regarding the shortage(s).  
• Follow up when we receive duplicate payments. Inform the customer and set up for refund or return check, or apply to other outstanding invoices. 
• Responsible for communicating customer complaints or problems discovered during the collection process to the person(s) responsible for assuring a timely resolution that is satisfactory to all parties involved. 
• Responsible for gathering information from customers to issue a refund check. This requires informing the customer of the scheduled time frame of payment. Also, need to obtain the proper information needed for reimbursements. 
• Responsible for keeping the customer’s account accurate and up to date. This task includes preparing adjustments with correct general ledger codes. This involves regularly adjusting for finance charges, funding write off’s, bad debts, etc. 
• Generate monthly statements to the customer. This requires checking the statement for accuracy, adding additional information that may be helpful to the customer to expedite payment in a timely manner, and mailing the document to the customer. Also, answer any questions the customer may have about their statement of account once they have received the inquiry, then faxing, emailing or mailing copies such as invoices, purchase orders, proof of delivery, authorizations, etc. 
• Responsible for authorizing the return and/or exchange of merchandise. Assigns return authorization numbers and determines what credit or other merchandise the customer needs to best resolve the issue. This also involves the determination of credit amount, restocking fees, shipping or tax credit, etc., to assure customer satisfaction while following the guidelines of company policies.   
• Responsible for placing customers on “credit hold” or “hold bookings” that are beyond normal terms, which includes stopping shipment on orders to these customers. Must contact the customer immediately and resolve credit issues in a timely manner so as not to reduce shipments. 
• Adjust the customer(s) credit limits as needed in conjunction with approval from Credit Manager. Must assess customer accounts to determine if and when the credit limits may be raised to allow higher shipping dollars. Must determine credit worthiness in doing so. 
• Complete detailed accounts receivable schedules on a monthly basis and for the year end audit. Must work closely with the finance team/auditors to verify and explain accounts in detail. Also, work closely with the Finance Leader to make recommendations for possible bad debts and review resolutions to problem accounts. 
• Follow up on bankruptcy notices received regarding customers to be sure that there are no outstanding invoices and placing notes in those accounts to avoid any future loss to the company. 
• Responsible for balancing and completing the monthly and annual report of funding write-offs, to ensure that the trial balance numbers are accurate.

Education & Experience

• Excellent oral and written communication skills
• Strong analytical skills
• Strong interpersonal and negotiation skills 
• Exceptional organizational skills
• Ability to think strategically
• Knowledge of all appropriate credit laws 
• Familiarity with credit “best practices”
• Minimum 5+ years of credit experience
• Bachelor's degree or equivalent industry experience

Work Environment

Work is performed in an office environment.